[Federal Register Volume 66, Number 40 (Wednesday, February 28, 2001)]
[Notices]
[Page 12823]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 01-4898]


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PENSION BENEFIT GUARANTY CORPORATION


Agency Information Collection Activities: Submission of 
Information Collection for OMB Review--Termination of Single Employer 
Plans; Missing Participants; PBGC Forms 500-501, 600-602

AGENCY: Pension Benefit Guaranty Corporation.

ACTION: Notice of request for extension of OMB approval.

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SUMMARY: The Pension Benefit Guaranty Corporation (``PBGC'') is 
requesting that the Office of Management and Budget (``OMB'') extend 
approval, under the Paperwork Reduction Act, of a collection of 
information in its regulations on Termination of Single Employer Plans 
and Missing Participants, and implementing forms and instructions (OMB 
control number 1212-0036, expires March 31, 2001.) This notice informs 
the public of the PBGC's request and solicits public comment on the 
collection of information.

DATES: Comments should be submitted by March 30, 2001.

ADDRESSES: Comments should be mailed to the Office of Information and 
Regulatory Affairs of the Office of Management and Budget, Attention: 
Desk Officer for Pension Benefit Guaranty Corporation, Washington, DC 
20503. Copies of the request for extension (including the collection of 
information) are available from the Communications and Public Affairs 
Department of the Pension Benefit Guaranty Corporation, suite 240, 1200 
K Street, NW., Washington, DC, 20005-4026, between 9 a.m. and 4 p.m. on 
business days.

FOR FURTHER INFORMATION CONTACT: Catherine B. Klion, Attorney, Office 
of the General Counsel, PBGC, 1200 K Street, NW., Washington, DC 20005-
4026; 202-326-4024. (For TTY/TDD users, call the Federal relay service 
toll-free at 1-800-877-8339 and ask to be connected to 202-326-4024.)

SUPPLEMENTARY INFORMATION: Under section 4041 of the Employee 
Retirement Income Security Act of 1974, as amended, a single-employer 
pension plan may terminate voluntarily only if it satisfies the 
requirements for either a standard or a distress termination. Pursuant 
to ERISA section 4041(b), for standard terminations, and section 
4041(c), for distress terminations, and the PBGC's termination 
regulation (29 CFR part 4041), a plan administrator wishing to 
terminate a plan is required to submit specified information to the 
PBGC in support of the proposed termination and to provide specified 
information regarding the proposed termination to third parties 
(participants, beneficiaries, alternate payees, and employee 
organizations). In the case of a plan with participants or 
beneficiaries who cannot be located when their benefits are to be 
distributed, the plan administrator is subject to the requirements of 
ERISA section 4050 and the PBGC's missing participants regulation (29 
CFR part 4050). (These regulations may be accessed on the PBGC's web 
site at http://www.pbgc.gov.)
    The collection of information under these regulations and 
implementing forms and instructions has been approved by OMB under 
control number 1212-0036 (expires March 31, 2001). The PBGC is 
requesting that OMB extend its approval for three years.
    The PBGC estimates that 1,564 plan administrators will be subject 
to the collection of information requirements in the PBGC's termination 
and missing participants regulations and implementing forms and 
instructions each year, and that the total annual burden of complying 
with these requirements is 2,246 hours and $1,864,600. (Much of the 
work associated with terminating a plan is performed for purposes other 
than meeting these requirements.)

    Issued in Washington, DC, this 23rd day of February, 2001.
Stuart A. Sirkin,
Director, Corporate Policy and Research Department, Pension Benefit 
Guaranty Corporation.
[FR Doc. 01-4898 Filed 2-27-01; 8:45 am]
BILLING CODE 7708-01-P